Regulatory Alerts2022-07-19 | 13458Central Bank Decision No. 13458 Amending Electronic Banking and Financial Operations
The Central Bank of Lebanon issued Decision No. 13458 to amend Fundamental Decision No. 7548, updating the regulatory framework for electronic financial and banking operations to align with FATF recommendations. The amended decision mandates enhanced due diligence, robust record-keeping for customers and beneficial owners, and standardized risk management policies across financial groups and their foreign subsidiaries. Furthermore, it requires the appointment of group-level compliance officers, continuous data verification for high-risk clients, and strict confidentiality safeguards to prevent tipping off during anti-money laundering and counter-terrorist financing investigations.
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